Now does not look a good time for the British government to proceed with politically touchy plans to sell 30 per cent of Royal Mail. Echoing comments last week from the Netherlands’ TNT – seen as a potential Royal Mail buyer – that 2009 is proving grim for the logistics industry, Deutsche Post reported a fourth-quarter net loss and hacked its dividend by a third.

With volumes falling, Europe’s largest postal operator politely declined to give specific 2009 guidance, except to say that it expected underlying earnings to fall. Deutsche Post’s shares, down 20 per cent in the previous two weeks, fell another 6 per cent yesterday.